REO Services

REO Services Provided by former REO Asset Manager

Mike Toste

Dear Lender, Asset Manager or Pre-Marketer,

Please understand, I do not claim to be the #1 REO agent in my area like mostly everyone else does. However, I can tell you my team has worked hard to implement systems for cash for keys, evictions, weekly inspections, pre-marketing and many of the other important procedures associated with REO disposition.

My experience in REO disposition dates back to the market correction that began in the early 90’s. Before getting my Real Estate License I managed the REO / Mitigation department of a large financial institution. This gives me a clear understanding of what Banks are looking for and the importance of getting things done on time. Rest assured if you give my team the opportunity to service your REO Assignments you will not be disappointed.

Here are some of the services we offer:

Pre-Marketing

As a former partner in a company that serviced large accounts in property preservation I am fully aware of the importance of quick turn times and completing tasks ahead of schedule. From initial inspections, utilities, re-keys, fence repair, trash out, pool securing and others we have the ability to turn many tasks within the same day. Long standing relationships with contractors allow us to have bids within 24 hours and trash outs completed within 48 hours. If an order is received before 11 a.m., we can complete initial inspection, securing if property is vacant, completion of the initial BPO and damage assessment in the same day. Again, my banking background and numerous years as an REO Professional have allowed us to fine tune this process.

BPO’s

Always a 24 hour turn around or same day if order received before 11 a.m.

Same day response if order received by 11 a.m.
More photo’s than needed “just in case”
Checklist of damages taken at each property
If repairs are required, accurate contractor estimates provided with BPO

Cash for Keys

Through October 2009 we have a success rate of 89% on cash for keys

Visit property every day for 4 consecutive days
First and second Saturday after receipt of assignment property is visited
Posting notices on door
Mailing letter to property (if allowed) addressed to occupant

Evictions

Extensive experience as both an REO Agent and Bank Asset Mgr

Continued weekly visits to property – coinciding with Cash for keys
For hard to “identify occupancy” we call utility authorities to see if utilities have been recently shut off
Experienced with personal property evictions
Experienced with Sherriff Department lock outs

Marketing

There is more to marketing an REO than just planting a sign in the ground and waiting 5 days for the MLS to take the photo.

We market our listings by:

Multiple photos input into MLS and other sites
Real estate sign with flyer box
Flyers with assigned lender contact information if required by lender
Sample finance options to demonstrate easy qualifying options
Lockbox on front door
Full internet marketing of www.ColdwellBanker.com and the over 132 affiliate sites. I believe this is why most of our inventory turns in 30 days or less.
Weekly inspections until property is sold
Updated BPO’s every 30 days or as needed.

Offer Submission and Management

Making sure investor requirements are met and contracts are legible is our highest priority.

All buyers receive written instructions prior to submitting offers
All offers are submitted the same day unless missing required documentation
All offers are input and tracked through contact management software
Buyer instructions for investor pre-approval requirements are placed in both the MLS and Websites
Runner position on staff (if necessary) for picking up final executed contracts to ensure legibility

Escrow Control

Ensuring time lines and contingencies are being met ensures less fall out during escrow.

I have the best coordinator you could have (Terri Toste, also known as my Mom)
Contingency timelines and deadlines are pre-tasked through contact management software to ensure less fall out
Having worked on the banking side, I can appreciate the importance of Month End